Remittance from 136 countries can now be sent to bKash, DBBL accounts

People from 136 countries will now be able to transfer remittances directly to over 40 million bank accounts of Bangladesh through DBBL and 50 million bKash accounts through the cross-border service HomeSend.

By announcing the launch of the service with bKash and Dutch Bangla Bank Limited (DBBL) on Monday, Mastercard as ensured that recipients no longer need to visit a physical money transfer location or bank amid the pandemic.

Furthermore, it will remove dependency on informal cash-based remittance channels that can often be unreliable.

By eradicating the middleman, informal channels, and reducing commission will help bring the remittance costs down and contribute to significantly grow foreign remittances in Bangladesh, reads a press release.

Stephen Doyle, CEO of HomeSend, said, “We are extremely proud to launch this international mobile money transfer service in partnership with Mastercard, DBBL and bKash. Bangladesh is a nation that has a high penetration of mobile phones and bank accounts.

“A service such as the one we are launching today is integral to facilitating financial inclusion,” he added.

HomeSend is a joint venture between Mastercard and Wameja, its fintech and telecommunication partners aiming to enhance the degree of convenience and flexibility to consumers in both developed and emerging markets. It is the most extensive cross-border money transfer network in the world with over 20,000 connected financial institutions.

Vikas Varma, chief operating officer of Mastercard South Asia, said, “2020 recorded the highest ever number of inbound remittances. With more than 10 million international migrant workers contributing to the economy and sending money to their families, cross-border remittances are one of the largest financial inflows to Bangladesh.

“The country has also witnessed widespread adoption of mobile phones, providing many people with the opportunity to adopt financial technology inclusion. HomeSend will offer flexibility and convenience to remitters and make Bangladesh’s financial system accessible to more people, expanding financial inclusion to even the remotest parts of the country,” he added.

Abul Kashem MD Shirin, managing director of DBBL, said this partnership would allow customers to receive remittance literally at their fingertips.

“This groundbreaking service revolutionizes how remittance is received locally and is an example of innovations in financial services that will help attain the goal of a truly Digital Bangladesh,” he added.

bKash CEO Kamal Quadir said recipients can cash-out the money at any time from bKash’s 240,000 agent points across the country and avail various services like utility bill payment, send money, mobile recharge, payment of online shopping, e-ticketing, payment of educational institutions or hospital expenses.

They can also save money in their accounts.

Bank Asia is the banking and settlement partner of bKash for this service.

Md Arfan Ali, president and managing director of Bank Asia, was also present at the event.